Oppenheimer Defends Questcor (QCOR) on Acthar Concerns; Says Sell-Off Overdone
Tweet Send to a FriendGet Alerts QCOR Hot Sheet
Price: $34.21 -3.06%
Rating Summary:
9 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 16 | New: 13
Rating Summary:
9 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 16 | New: 13
Trade QCOR Now!
Questcor Pharmacueticals, Inc. (Nasdaq QCOR) shares are running higher Thursday following a 48 percent drop Wednesday on Acthar reimbursement concerns.
One analyst firm that isn't shaken is Oppenheimer. The firm said the sell-off in Questcor is overdone, noting that "[Aetna] will no longer cover Acthar in any indication other than IS unless the doctor/patient is able to successfully appeal for reimbursement of the drug."
Notably, other payors -- including United Health (NYSE: UNH), WellPoint (NYSE: WLP), and Cigna (NYSE: CI) -- reaffirmed coverage for Acthar. Though its not clear whether or not the payors will revise policies, Oppenheimer did know that Aetna accounted for about 5 percent of shipped prescriptions so far in 2012.
Oppenheimer reaffirmed its Outperform rating, but lowered its price target from $69 down to $65 to reflect coverage changes by Aetna.
Shares of Questcor are 12.8 percent higher Thursday.
For an analyst ratings summary and ratings history on Questcor Pharmaceuticals click here. For more ratings news on Questcor Pharmaceuticals click here.
Shares of Questcor Pharmaceuticals closed at $26.35 yesterday, with a 52 week range of $22.26-$58.91.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
One analyst firm that isn't shaken is Oppenheimer. The firm said the sell-off in Questcor is overdone, noting that "[Aetna] will no longer cover Acthar in any indication other than IS unless the doctor/patient is able to successfully appeal for reimbursement of the drug."
Notably, other payors -- including United Health (NYSE: UNH), WellPoint (NYSE: WLP), and Cigna (NYSE: CI) -- reaffirmed coverage for Acthar. Though its not clear whether or not the payors will revise policies, Oppenheimer did know that Aetna accounted for about 5 percent of shipped prescriptions so far in 2012.
Oppenheimer reaffirmed its Outperform rating, but lowered its price target from $69 down to $65 to reflect coverage changes by Aetna.
Shares of Questcor are 12.8 percent higher Thursday.
For an analyst ratings summary and ratings history on Questcor Pharmaceuticals click here. For more ratings news on Questcor Pharmaceuticals click here.
Shares of Questcor Pharmaceuticals closed at $26.35 yesterday, with a 52 week range of $22.26-$58.91.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Jefferies Bumps Zumiez (ZUMZ) Numbers Up, But Remains on Sidelines
- UPDATE: A.G. Lafley Gives Procter & Gamble (PG) Investors 'New Hope', UBS Upgrades to Buy
- Needham & Company Lifts Numbers on Marvell (MRVL) on Solid Results
Create E-mail Alert Related Categories
Analyst Comments, Analyst PT Change
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
